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Revenue
₹1,975 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
DLF reported a strong Q2 FY25 with PAT of ₹781 crore from operations, plus a one-time deferred tax reversal of ~₹600 crore. New sales pre-sales for H1 stood at ₹7,000 crore, recovering from a weak Q1, and management reaffirmed the full-year guidance of ₹17,000 crore. The Dahlias super-luxury project (RERA revenue ₹26,000 crore, 70%+ margin) has seen overwhelming initial response with 9% money-down EOIs, and formal launches are underway. The rental business is on track to achieve ₹5,300 crore total rental EBITDA by FY25 exit, driven by Downtown Gurgaon/Chennai and Atrium Place. Key risks include potential delays in Mumbai/Goa approvals due to state elections and the impact of rising competition in NCR on pricing power.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed the ₹17,000 crore pre-sales target for FY25, driven by Dahlias and Privana launches in H2.
- DCCDL rental EBITDA guided at ₹5,000 crore for FY25 and ₹5,800 crore for FY26; DLF rental EBITDA at ₹300 crore for FY25 and ₹1,000 crore for FY26.
- Dahlias will be launched in batches of 50 units with step-up pricing; initial response has been strong with 9% money-down EOIs.
- Approvals for the Mumbai project are in advanced stages; launch is targeted for Q4, subject to no unforeseen delays.
Risks flagged
- Management acknowledged that non-Gurgaon approvals are difficult to predict; state elections could cause delays.
- Analyst raised concern about peers aggressively buying land in NCR; management downplayed but acknowledged competition.
- Management noted that reported margins are depressed due to old project revenue recognition with current cost structures, which may take 18-24 months to align.
- Despite management's confidence, the business remains heavily reliant on NCR, with limited diversification outside the region.
Key quotes
- We are very confident of 17,000 crores. Let's see where it eventually lands.
- Dahlias is going to be a paradise. You can dream whatever you want to. We are on our way to implement it.
- We will not, never be reckless on writing any checks for any geography, including NCR.
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